Imported fuel isn’t being sold at the pumps yet.
Petrotrin only took delivery of its imported fuel on Wednesday and fuel sold at pumps is still the product the company has been making, says Communication Minister Staurt Young.
Speaking at yesterday’s post-Cabinet media briefing, Young dismissed rumours that imported fuel is being sold and it’s of “inferior quality.”
He said the rumour”....Is a complete surprise since Petrotrin only last night (Wednesday) took delivery of foreign petrol and none of the petrol sold at pumps as yet is any foreign fuel. They’re still using Petrotrin’s processed and refined product,”
He said vesting of Petrotrin’s various assets to new companies being established in its restructuring, will be done in Parliament next Wednesday. This is prior to the cessation of current operations on November 30 and advent of the restructured entity, subsequently.
Young said Petrotrin won’t shut down but will remain a member of the group of subsidiaries being formed and which will be held by a holding company—Trinidad Petroleum Holdings Company Limited. The new structure involves the three other companies being formed.
The new Heritage Petroleum Company Limited will handle all Exploration and Production work including E&P contracts.
This will be located at Santa Flora and Point Fortin. Certain assets of Palo Seco Agricultural Enterprises Ltd (PSAEL) will also be vested with Heritage Petroleum Co Ltd.
Secondly, the Paria Fuel Trading Company Limited will handle importation/sale and trading /bunkering and logistics of refined product. This will be based at Pointe-a-Pierre.
Thirdly, Petrotrin’s refinery assets — which will be mothballed—will be vested with the Guaracara Trading Co Ltd which will be responsible for the assets. Government will then issue a request for proposals globally to anyone who’s interested in making the refinery a viable entity. Evaluations will be done, followed by a decision.
The former assets of Trintoc and Trintopec in Petrotrin will also be vested and transferred to Guaracara Refining Co Ltd, Young added.
Lastly, all shares of Petrotrin will be transferred from the Finance Ministry (Corporation Sole) to the new holding company, Trinidad Petroleum Co Ltd.
Young said 800 employees will be hired for the Heritage Petroleum Co. Ltd and 200 for Paria Fuel Trading Co. Ltd . The holding company and other areas will also require employees. Young confirmed Mike Wiley was hired to head the Exploration and Production company “maybe two months, ago, recruited by Petrotrin’s Board.
He said Wiley was a a highly qualified expert and would get the oil “out of the ground” and sell it” on T&T’s behalf.
“He’s an expert in that area. He seems like someone who knows what he’s doing,” Young said, adding Wiley had made a presentation to Cabinet
On Monday, UNC activist Devant Maharaj claimed Wiley was offered the position of CEO of Heritage Petroleum’s Co. Ltd (which is handling Exploration and Production) and is a former Exxon employee.